Broker Check
Be decisive.

Be decisive.

| May 16, 2024

Reflecting on 34 years in the industry, I have seen (and weathered) my fair share of decision-making processes. What I have concluded, it is that is best to be decisive. Right or wrong, make a decision. The road is paved with flat squirrels who couldn’t make a decision.

Mind you, I am not saying make a rash or rushed decision. Logical decisions typically are better than those based on emotion. At the same time, it is possible to be suffer from analysis paralysis or information constipation. Early on in my career, I was asked to write a report on the toy industry in the country I was working in. This report would inform the credit and loan decisions made by my employer. I dithered with the conclusion for an inordinate amount of time, hoping that one more annual report might help me. Look at the facts and take a stand.

Thought-out decisions tend to be better than impulsive ones. I have encouraged prospective 401k Plan Sponsors to write down the salient features and facts of competing advisors. Writing it down can help bring clarity and insight. It can also help the Sponsor explain why an employer should choose one advisor over another.

While it is important to give yourself time in making a decision, time is something you may not always have. Yes, it is easier to kick the proverbial can down the road. That is not what a leader does.

It is important to know there is no right answer. Make a decision based on the facts you have assembled. Articulate the facts and how this led to your decision. And accept that you may get it wrong. This is part of leadership. The buck stops with the leader for better or worse.

Finally, learn from both your mistakes and successes. It may take some time to be able to see the lessons in a mistake but they are there. Likewise to success, ask yourself what led to the success. What points might be worth repeating in a similar situation?